Unilever completes acquisition of Alberto Culver

LONDON, U.K—Unilever has acquired the Alberto Culver Co. in a cash deal worth $3.7 billion.

The deal received U.S. approval after Alberto agreed to sell its Alberto VO5 and RAVE brands. The sales of those brands were necessary to resolve competitive concerns by the U.S. Justice Department, according to Bloomberg.

The London -based Unilever is a global supplier of consumer goods with operations in including its Canadian headquarters in Saint John, N.B. It employs 167,000 people worldwide.

With market capitalization of $59 billion, Unilever revenues exceeded $1 billion on sales of about $70 billion.